News on Indian Economy
Giredmet is the State Research and Design Institute of Rare Metal Industry operating under Russia’s Rosatom State Corporation. The two organisations have signed a Memorandum of Understanding to create an integrated platform in India covering the processing of rare earth materials, technological research, pilot production and the manufacture of high-value components.
Under the proposal, a Unified Brand India Framework will be created to guide branding, labelling, export packaging and promotional activities across priority sectors. The framework will identify key products, services, export categories and overseas markets at regular intervals to ensure that branding strategies remain aligned with evolving global demand and international quality standards.
The scheme, which will be implemented over five years from FY 2026-27 to FY 2030-31, aims to scale up mobile phone production, build resilient supply chains and encourage the development of Indian technology brands through greater investment in design and research.
The new policy seeks to promote the establishment of gas-based urea manufacturing plants across the country, supporting the government’s objective of achieving self-sufficiency in fertilizer production.
The initiative builds on the progress of the India Semiconductor Mission (ISM) launched under Semicon 1.0 and seeks to establish a comprehensive ecosystem covering chip design, fabrication, packaging, research and talent development. The government said the programme reflects its long-term commitment to positioning India as a major player in the global semiconductor industry.
India Post has set an annual revenue target of ₹19,803 crore for FY 2026–27. Against a first-quarter target of ₹4,951 crore, the Department generated ₹4,009 crore, achieving 81 per cent of the quarterly goal.
The value of ₹2,000 notes in circulation fell from ₹3.56 lakh crore on May 19, 2023, to only ₹5,451 crore by April 30, 2026. This means that around ₹3.51 lakh crore worth of the high-value notes flowed back through bank branches, RBI offices and the formal banking network in less than three years.
BSNL’s consumer-mobility business also recorded growth during the first quarter. This segment includes mobile voice, data and related services supplied to individual subscribers.
The 500-kilowatt pilot facility will generate electricity directly from the natural movement of river water, introducing an emerging renewable-energy technology suited to the mountainous terrain and extensive river network of the northeastern state.
The discussions were conducted virtually between June 29 and July 7, 2026. India’s delegation was led by Ujjwal Kumar Ghosh, Joint Secretary in the Department of Commerce and the country’s chief negotiator for the agreement. The Maldivian team was headed by Chief Negotiator Yusuf Riza.
